Tesla unveils restyled electric Roadster, stock jumps after IPO

It's been a busy week for electric vehicle manufacturer Tesla Motors with an initial public offering and a restyled car. On Tuesday June 29, 2010, Tesla became the first U.S.-based automaker to go public since Ford Motor Company did it in 1956. Tesla sold 13.3 million shares at $17 per share. By the end of the first day of trading the price had jumped to $24 and then to just over $30 on day two before settling back to $24.

The $226 million will be used to fund ongoing operations and continue development and production of the Model S and other future models. The Model S sedan is scheduled to go into production in 2012 although that has already slipped several times over the last three years. The original schedule had a second Tesla in production in 2010.

Until new models arrive, Tesla is hoping to spur sales of its only existing product with some fresh styling. The Roadster electric sports car has received a new nose with a grille similar to the one shown on the Model S prototypes. The rear bumper has also been reshaped to incorporate a subtle diffuser.

The interior of the Roadster has also received upgrades including more comfortable seats and revised finishes on the dashboard. A new seven inch touch screen navigation system with rear backup camera is also available as an option on the updated Roadster. The electric drivetrain remains unchanged for the new 2011 models with 0-60 mph acceleration in either 3.7 or 3.9 seconds depending on whether owners opt for the Sport or normal editions.

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Realizing he was a gear-head Sam Abuelsamid went on to earn his mechanical engineering degree from GMI Engineering and Management Institute. After spending 17 years as an engineer with Delco, Kelsey Hayes and TRW developing ABS, traction and stability control systems he joined Autoblog.com in 2006 and in 2007 Sam became the technical editor for GreenFuelsForecast.com leaving the engineering world to be a writer, photographer, editor, and one of the regular hosts of the Autoblog Podcast. Contact: samabuelsamid.examiner@gmail.com.